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<br /> � If under paragraph 18 hereof the Yroperty is sold or ii�e Yroperty is otherwise acquired b,y Lender, Lender �
<br /> ahall apply, no later than immediately prior to tlie stilc ot tl�e YroperCy or its acqui:;ition hy I.ender, nny Funds
<br /> lield by Lender at the tiine of application ns a credit againnt t.he suins �ecured b}• thi� \4ortgagc.
<br /> ` 3r Application of Payments. Unless applicublc la�ti• provides otlierwise, ull payrnents received by Lender
<br /> under the Note and paragraplis 1 and 2 h�reof-sliall bc ap��lied by I.endcr hrs't i� �aayment uf atr�ouvts payable to
<br /> .� Lender hy Borrower under Pr�ragrapl� 2 liereof, t}�en tio ineerest � >ayablc on the \Tote and on Tuture Advances, if
<br /> Ef� any, and then to the principt�l of the Note and to the principaf of P'uture Acivances , if any.
<br /> � 4. Charges: Liens: Borrower sl�all pay alf taxes, assess�nents and other ch�rges, fines and impositions attrib- �
<br /> �, uta6le to the -Property wl�ich may attain a ��riority over this 14ortgage, a.nd ground rents, if any , at Lender's
<br /> � C+ option in the inanner provided under ��arsgraph 2 hereof or by I3orroder making F>ayment, when due, directly to
<br /> Cj the payee thereof. Borrower shall promptly furnish to i,ender all notices �f amounts due under this paragraph, �
<br /> �
<br /> and in the event $orro�ver shall make payment directly; Liorro�cer s6a11 promptiy turnish to Lender receipts evi-
<br /> � dencing such payments. Borrower sl�all promptly discharge any lien which has �'>riority over this \2ortgage ; pro-
<br /> y� vided, that Borrower shall not be required to discfiaige any sucl� lien so long as 13orrower sl�nll agree in writing to
<br /> i`'�. the payment of the obligation secured by such lien in a manner acceptuble to Lender, or shall in good faith contest
<br /> such7ien Vy, ordefend enforcemeiit of sucl� lien in; legal piroceedin�s wliich operate to preveni the entorcement oi
<br /> the lien or forfeiture of the Yroperty ot any part thereof.
<br /> � SEE RIDER 5. Hazard Insurance. n -_ _ r, ,_ .. 0 , ...,.. ;i 3�.�� ��g�� 1G �
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<br /> The insurance carrier providing El�e insurauce sha1l be choseci by Borroca�er subject to approval by Lender; /_�
<br /> provided , that such approval shall not be unreasonaUly withheld. All premiums on insurance policies shall be paid Tni� �
<br /> � � by Borrower making payment, when due, �TT
<br /> directly to the insurance carrier.
<br /> In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br /> its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br /> immediately due and payable with interest at the rate set forth in said note until paid and shall be
<br /> " secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a deiault
<br /> � under the terms of this Mortgage.
<br /> All insurance policies and renewals thereof �hall be in form acceptable to I..ender nnd �hall inelude a standard
<br /> mortgage elause in favor of and in fonn acceptable to Lender. Lender si�all liave tl�e rigl�t to I�old the policies and
<br /> renewals thereof, and Borrower shall promptly furnish to Lender all rene�val notices and all receipts of paid pre-
<br /> miums. In the event of loss, Borrower shall give prompt notice to tlie insurance carrier and Lender, and Lender
<br /> mny make proof of loss if not made promptly l>y Borrower.
<br /> ' Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall Ue applied to restoration or
<br /> repair of the Property damaged , provided such restor:�tion a• repair is economically feasible and the security of
<br /> this Mortgage is not tliereUy impaired. If such restorat.iou or repair is not econornic:�ll}� fe� sible or if the seeurity
<br /> of this D4ortgage �vould k�e impaired, the insurance j�roceeds sha ll be applied to the suins secured by this T4ortgage,
<br /> �vith the excess, if any, paid to Borrower. If the Yroperty is aban<loned by Borrower or if Borrower fails to sespond
<br /> to Lender within 30 days after notice by* I.ender to Borrower that the insurance carrier offers to settle a claim for
<br /> insurance benefits, Lender is authorized to collect and apply tlie insur:�nce proceeds at Lender's option either to
<br /> i restoration or repair of the Property or 2.o the sums secured by- t.l�is \lortgage.
<br /> Unless Lender and Borrower otherwise agree in writing, any such applic�tion of proceeds to principal shall
<br /> not extend or postpone the due date of the monthly installtnents referred to in paragraphs 1 and 2 hereof or change
<br /> the smount of such installments .
<br /> If under paragrapla 18 hereoi the Yroperty is acquired by Lender, nll right, title and interest of Borrower in
<br /> and to any insurance policies and in and to the proceeds tl�ereof ( to tl�e ext.ent of tlie sutns secured by tl�is blort-
<br /> gage immediately prior to sucli sale or acquisition ) resuliing from duinage to the Yropei�ty- prior to the saie or
<br /> ncquieition shall pass to Lender.
<br /> 6. Preservafion �d Mmsstenance of Property; Leaseholds; Condominiuxns. 13orro�ver shall keep tlie Prop-
<br /> �' i erty in good repair and shall not permit or commit waste , impairment, or deterioration of the Property and shall
<br /> y comply with tl�e provisions of any lease, it this 1lortgage is on a leasehold . If this �4ortgage is on a condominium
<br /> unit, Borrower shall perform all of Borrower's obligations under t.hc �leclaration of condorninium or master deed, �
<br /> � the by-laws and regulations of tl�e condominium project snd constituent documents.
<br /> 7. Protection of Lender's Security. If Borro�ver fails to perform the covenants and agreements contained in w
<br /> this l�Iortgage, ar if any action or proceedin� is cotnmenced which �naterially afCecf,s Lender's interest in the Prop-
<br /> erty, including, but not limited to, etninent domain , insoivency , code enforcement, or arrangements or proceed-
<br /> ings involving a bankrupt or decedent, then Lender ut I.ender•'s option , upon riotice to Borrower, may inake such
<br /> ' appearanees, disburse sucli sums and take such aciion as is uecessary to protect Lender's interest, including, but
<br /> not limiteci to, disbucsement of reasonable attorney's fees and entry upon the Property to ma,ke repairs. Any
<br /> amounts disbursed by Lender pursuant to this ��aragrapli 7, �vith interest thereai , shall 1>ecora�e additional indebt-
<br /> edness of Borrower secured by this lfortgage. Unless Borroe�er and Lender agree to other terms of payment, such
<br /> amounts shall be payable upon notice from Lender to Borrower requesting �ayment thereof, and shall bear inter-
<br /> est from the date of disbursement at fhe rate stated in the ATote unless psyment of interest at such rate would be
<br /> � contrary to applicable law, in which event such amounts shall Ue�r interest, at the highest rate permissible by '
<br /> applicable law. Notl�ing contained in this parugrapli 7 sl�all requirc I,ender to incur any expense or do any act
<br /> hereunder.
<br /> 8. Inspection. Lender raay make or cause to he madc re2�onable entries upon and ins��ections of the Prop-
<br /> erty,, provided that Lender shall give Borro«�er nocice ��rioA• to .iuy �uvh in�pection �pecifpiug reasonable cause
<br /> ihereior related f,o Lenuer's interest in tl�e Froperb}-.
<br /> 9. Coademnation. The proceeds of any a�+�ard or claim for clamages , direct. or consequential, in connection
<br /> � with any condemnatioi; or other taking of the Yroperty , or part tliereof , m• tor co7i�•eyaa4.e in lieu of condemna-
<br /> ition, are hereby assigned and shall be paid to Lender,
<br /> � In the event of a total taking of the Progerty, tl�e ��roceeds sl�all be npplied tq tlie suTn� ::ecnred by this Mort-
<br /> i a e «�ith the excess if an aid to Borrowea In t.hc eventi of a aartial takin of the Yro �ert unless Borrower _ �k� `
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<br /> E and Lender :otlierwise agree in writing, Lhere sl�all be aE>�>lied to tl�e sums secured by this lfortgage such propor- i�:
<br /> �� tion of the proceeds as is equal to that proportion svhich tlae ss�nount of tlie sums secured by this A4ortgage imme- � � %��,
<br /> j diately prior to the date of taking bears to Ll�e fair m�rke# ��xlue of the Yro��erty ianmediately prior to the date of Y'
<br /> :� taking, with the halanCe of the proceeds paid to Borrower. ��� �
<br /> If the ProperEy is abandonedby Bflrro�ver or if :tfter noticc by Lender to Borrower tkiat the condemnor offers
<br /> to make an awardror settle a claim for dainag�, Borrower iaii, �u res��oiiu Lu ieiiuer witi�i�. 30 c3ays of the date
<br /> of sueh notiee, I.ende�• is ,au�.l�arise�i lu cuiiccl; xxi�l ap�ily Llit �;ru�eed� aL :.end��'s uption eithcr ta restoration or , "
<br /> repair of the Property or to the sums secured by this Jiortgage. �
<br /> T 'Unless Lender and Borrotiver other�vise agree in writing, any such application of proceeds to principal shall
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